oAre there any conflict of interest issues with any of our students, faculty, or staff?

After information is gathered, the IP committee will meet to discuss and vote on the next action. More information may be requested.Once all the needed information and approvals are obtained, the agreement terms will be negotiated and finalized.

Exclusive licenses require approval of the university president and may require more time.

The agreement will contain, but is not limited to the following elements:

oAn upfront fee

oA reasonable royalty rate

oReimbursement of legal costs related to patent filing

oCommercialization milestones

oMinimum annual royalties

oField of use limitation

When the parties come to an agreement on license terms, the agreement will be finalized and necessary signatures obtained.